Job hugging replaces the great resignation

Australia's unemployment rate rose to 4.5% in April, marking the first signs of softening in the job market after an extended period of strength. The labour market is shifting from the 'Great Resignation' era to a phenomenon called 'job hugging', where workers are reluctant to change jobs due to high cost of living, elevated interest rates, and growing uncertainty around AI-driven job cuts in the technology sector. This trend is also reducing entrepreneurship and self-employment, potentially impacting overall productivity.See omnystudio.com/listener for privacy information.